October has seen the gaming industry grappling with the aftermath of disruptive cyberattacks that targeted MGM Resorts (NYSE:MGM) International and Caesars (NASDAQ:CZR) Entertainment last month. Both companies faced significant operational issues and customer data compromise, leading to substantial financial losses.
On Friday, it was reported that MGM faced a nationwide attack on September 11 which resulted in system crashes and technological failures. This led to long queues at counters, digital room key failures, and manual payments on gaming floors. The attack caused the company a hefty loss exceeding $100 million.
In response to the attack, MGM took robust measures to protect their customers and mitigate future risks. The company strengthened its IT infrastructure and established a dedicated call center (800-621-9437) to assist impacted customers. Furthermore, MGM offered free identity protection and credit monitoring services to its customers, notifying them via email about these provisions.
Caesars Entertainment had a particularly challenging month, suffering not one but two cyberattacks. The first attack forced the company into making a ransom payment. However, the second attack on September 14 proved more damaging as it compromised data from the Caesars Rewards loyalty program due to a breach at an IT support vendor.
Following these attacks, Caesars activated its incident response protocols and implemented remediation measures to contain the damage. The company also hired multiple cybersecurity firms for investigation into these attacks. In addition to this, Caesars advised customers of its Las Vegas Strip resorts and regional casinos to maintain vigilance against identity theft or fraud.
The recent cyberattacks have underscored the vulnerability of even large-scale corporations like MGM and Caesars, prompting them to take serious measures for enhancing their cybersecurity infrastructure.
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